Written by:
Damjan Jugovic Spajic

Fact checked by:
Alex Windsor

Updated:
November 9, 2023

DraftKings Payouts for US Players

DraftKings is one of the most popular sportsbooks and online casinos in the US, with its platform present in as many as 22 states. Its established tradition of offering high-quality betting action has led to it becoming a household name.

Players appreciate its in-game wagering options, numerous available bet types, live streaming options, and, most of all, its user-friendliness. However, does this extend to the banking aspect of the platform and its payout process? How do withdrawals work? What are the available options, processing times, and fees? Let’s find out.

What Are DraftKings Withdrawal Options?

When joining DraftKings, users expect to see many withdrawal methods at their disposal, and the popular sportsbook does not disappoint, as it offers around a dozen alternatives.

Still, there are some variations as to which options a person can use in different cases, so I decided to dig deeper into the site and the Help page. Here’s an overview of what I’ve learned:

• Debit card — The option has to be supported by the card brand and your bank. If it is, you must deposit first to unlock the withdrawal option.
• Online banking — A deposit is required before the method is allowed, and you only need to input your account’s username and password to connect DraftKings with your bank.
• Bank wire transfers — This option is available only on workdays, and you need your Fedwire routing and account number.
• Venmo — Your Venmo account must match your DraftKings info, it must have money in it, and you need to use it as a deposit method before asking for a withdrawal.
• Checks — You must send the money to the name and address verified in your account.
• VIP Preferred e-check — For this method to work, you need your account and routing number plus a prior deposit.
• Trustly — You can use this option with most bank accounts, even if you haven’t deposited with it before.
• PayPal — The profile must be in your name, and it cannot be a business account. An initial deposit is required before a cashout can be considered.
• Apple Pay — Your device has to support Apple Pay for the withdrawals to become available.
• Play+ Prepaid Card — Play+ cards are connected to DraftKings, and the site features dedicated explanations of how they work.
• Cage — You can withdraw cash in person instantly from the Cage at the Resorts Casino in Atlantic City, New Jersey, the Sportsbook at The Brook in New Hampshire, and Bally’s Black Hawk in Colorado.

How to Withdraw Winnings From DraftKings

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• Minimum deposit $5
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• Range of regular promotions

• Limited withdrawal options
• Needs a better rewards system

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Review

Withdrawing winnings from DraftKings is relatively easy, but there are some differences depending on the exact method you’re using. Still, as long as you follow the site’s instructions, respect the terms, and know how to generate the payment info required, it will be a breeze.

And if you ever get stuck, you can always check the Help and FAQ sections or ask customer support.

Here’s a step-by-step explanation of how that works on a computer and what you need to do to get paid quickly:

1. Log in to your DraftKings account.
2. Click your profile photo located in the top right corner.
3. Select Account Information.
4. Look at the options on the left and hit Withdraw.
5. Read through the information and click Got It.
6. Enter the amount you want to cash out in the “How much you want to withdraw” field. It should be within the limits of the available amount shown on the right.
7. Click Continue.
8. Pick one of the available payment options.
9. Input the required details.
10. Click Request Withdrawal to complete the process.

Bear in mind that the process is slightly different when using a phone or the mobile betting app, but as you can see in the picture above, DraftKings has detailed instructions for all devices.

Payout Times and fees at DraftKings

DraftKings doesn’t charge fees on withdrawals, and the payout times are different for each cashout option. Here’s a breakdown:

What Are DraftKings Payout Terms & Conditions

Before cashing out funds, you must confirm your identity. Once that’s over, you need to have withdrawable winnings or prize money from contests. Bonus funds, promo credit, or deposits you haven’t played through cannot be withdrawn.

Once you’ve ticked all these boxes, you need to be aware of a few restrictions:

• You can only withdraw deposited funds through the same payment method used for the deposit.
• Some payment methods work only on specific DraftKings platforms, whether it’s the sportsbook, casino, fantasy sports, or marketplace.
• Payments are processed only between 9 a.m. and 5 p.m. EST.
• Every banking option has withdrawal limits. You can check them out in the image below.

Possible Winnings Restrictions at DraftKings

DraftKings can deny you your winnings for several reasons, and it can even cancel your withdrawal request. However, the problem is straightforward in an overwhelming number of cases, and more importantly, you can solve it quickly. Let’s review the main reasons why you’re not getting paid.

• Address Info in Your DraftKings Account Is Not Valid

Check that you’ve provided the right address. If you’re using checks, you can only use the verified address in connection with your account.

• You Haven’t Played Enough

DraftKings reserves the right to cancel a payment because of limited gameplay. Several things can constitute limited gameplay, so you need to review the Terms of Use.

• You’re Withdrawing Bonus Funds or Some Other Type of Promo Credit

You cannot withdraw bonus funds or promo credit, only the available balance. It will be clearly marked as such in the Withdrawal section.

• You’re Withdrawing Deposited Funds That Haven’t Been Played Through

Deposited funds are not available for withdrawal. You have to complete the playthrough requirements first.

FAQs

AUTHOR

Damjan Jugovic Spajic

A soccer and eSports fan who always roots for the worst possible teams, Damjan is a resident writer and contributor at Minimum Deposit Betting Sites. With over 5 years of experience in the online casino and sports betting industry, he largely focuses on writing reviews and testing out bookmaker transaction processes.